XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investment in Consolidated and Unconsolidated Entities (Tables)
3 Months Ended
Mar. 31, 2018
Investment in Partially Owned Entities [Abstract]  
Schedule of Consolidated Variable Interest Entities
The net assets of the VIEs as of December 31, 2017 were as follows:
 
 
December 31, 2017
Net investment properties
 
$
165,875

Other assets
 
18,630

Total assets
 
184,505

Other liabilities
 
11,343

Net assets
 
$
173,162

Schedule of Net Equity Investment and Share of Net Income or Loss
 
 
 
 
 
 
Carrying Value of Investment as of
Entity
 
Description
 
Ownership %
 
March 31, 2018
 
December 31, 2017
IAGM Retail Fund I, LLC (a)
 
Multi-tenant retail shopping centers
 
55%
 
$
131,603


$
123,693

Downtown Railyard Venture, LLC
 
Land development
 
90%
 
57,223

 
57,183

Other unconsolidated entities
 
Various real estate investments
 
Various
 
(112
)

(112
)

 

 

 
$
188,714

 
$
180,764


(a)
As of March 31, 2018 and December 31, 2017, IAGM consisted of 14 retail properties with 3.0 million square feet and 15 retail properties with 3.2 million square feet, respectively.
Schedule of Combined Financial Information of Investment in Unconsolidated Entities
The following tables present the combined condensed financial information for the Company's unconsolidated entities.
 
As of
 
March 31, 2018
 
December 31, 2017
Assets:
 
 
 
Real estate assets, net of accumulated depreciation
$
548,209

 
$
586,671

Other assets
94,851

 
73,423

Total assets
$
643,060

 
$
660,094

Liabilities and equity:
 
 
 
Debt, net
311,623

 
311,574

Other liabilities
41,474

 
49,032

Equity
289,963

 
299,488

Total liabilities and equity
$
643,060

 
$
660,094

 
 
 
 
Company's share of equity
$
188,524

 
$
193,572

Cost of investments (underlying net book value) in excess of underlying net book value (cost of investments), net of accumulated amortization of $0 and $2,647, respectively.
190

 
(12,808
)
Carrying value of investments in unconsolidated entities
$
188,714

 
$
180,764

 
Three months ended March 31,
 
2018
 
2017
Revenues
$
15,689

 
$
16,820

Expenses:
 
 
 
Interest expense and loan cost amortization
3,386

 
3,251

Depreciation and amortization
5,655

 
6,192

Operating expenses, ground rent and general and administrative expenses
6,356

 
6,284

Provision for asset impairment
672

 

Total expenses
16,069

 
15,727

Net (loss) income before loss on sale of real estate
(380
)
 
1,093

Loss on sale of real estate
(3,905
)
 

Net (loss) income
$
(4,285
)
 
$
1,093

 
 
 
 
Company's share of net (loss) income, net of excess basis depreciation of $0 and $130, respectively
$
(2,315
)
 
$
572

Distributions from unconsolidated entities in excess of the investments' carrying value
274

 

Equity in (losses) earnings of unconsolidated entities
$
(2,041
)
 
$
572

Contractual Obligation, Fiscal Year Maturity Schedule
The following table shows the scheduled maturities as of March 31, 2018, for the remainder of 2018, each of the next four years, and thereafter.
 
Maturities during the year ending December 31,
 
 
 
 
 
2018
 
2019
 
2020
 
2021
 
2022
 
Thereafter
 
Total
Mortgages payable
$
204,028

 
16,250

 

 
23,150

 

 
68,805

 
$
312,233